The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said on Wednesday that the apex bank is not defending the Naira with the nation’s foreign reserves. Cardoso was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market … Read more
Ahead of the release of March 2024 inflation statistics, Analysts have provided reasons why the Consumer Price Index (CPI), which measures inflation, will jump to about 32.15 percent from 31.7 percent in February, a 29-year high. According to available statistics from the National Bureau of Statistics (NBS), Nigeria’s annual inflation rate last reached current levels … Read more
Chairman of the BUA Group of Companies, Rabiu Abdulsamad, has expressed confidence that prices in Nigeria will soon start to come down under the administration’s economic policies. Abdulsamad, who was meeting with President Bola Tinubu to congratulate him on the successful completion of Ramadan in Lagos highlighted the significant progress that has been made in … Read more
On Monday, the naira appreciated to N1,120 per dollar in the parallel part of the foreign currency (FX) market. The current FX rate is a 9.67% reduction from the N1,240/$ recorded on April 3. Bureau de change (BDC) operators, popularly known as street traders, in Lagos quoted the local currency’s buying rate at N1,100 and … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Central Bank of Nigeria (CBN) has declared that it will once again sell dollars to bureau de change operators. This was announced in a circular posted on it’s website. The CBN stated that it intends to offer $10,000 to each BDC at N1101/$ and instructed the operators to sell at a margin no more … Read more
The Special Investigator of the Central Bank of Nigeria (CBN) and other related entities, Jim Obazee, has concluded his assignment. Reacting to the development on Friday, President Bola Tinubu thanked the former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), for his services as the special investigator. A statement signed by spokesman … Read more
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar. According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar. On Tuesday, total turnover was $245.58 million, up from $222.15 million on … Read more
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate in a move aimed at tackling rising inflation. The new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%. Speaking to journalists after the MPC meeting, CBN Governor Yemi … Read more
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar. According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no … Read more